Elvis Presley’s Manager Took 50% of His Earnings, Leading to a Legal Battle After Elvis’ Death

The Baz Luhrmann biopic Elvis made Elvis Presley a bigger name than ever. The iconic singer has never truly left the headlines, even though he died four decades ago. With more and more fans learning about Presley and his legacy, many are developing an intense curiosity about those in the King’s inner circle. Most notably, in Colonel Tom Parker, the mysterious manager portrayed by Tom Hanks in Elvis. While the insane financial troubles that Presley dealt with in the film might seem like a construct for a script, the truth, in this case, is stranger than fiction.

‘Elvis’ posited that Elvis Presley relied financially on Colonel Tom Parker

Elvis depicts the rise and eventual fall of Presley, from a talented young boy with stars in his eyes to a worldwide superstar, surrounded by an entourage of friends, employees, and hangers-on. As much as the film shows the rise of Presley the star, it also details the relationship between the singer and his ambitious manager, Colonel Tom Parker.

In the film, Parker meets Presley when the singer was performing for small crowds, and sensing his talent, immediately takes him under his wing. Strict and cunning, Parker molds Presley into the very image of a rock and roll superstar, even if he disagrees fiercely with his protegee’s take on certain musical performances.

Later in his career, Presley becomes frustrated with Parker’s controlling nature and even attempts to fire him — only to realize that Parker has micromanaged Presley’s career to such an extent that he “can’t afford” to fire his longtime manager. 

How much of Elvis Presley’s income did Colonel Tom Parker take?

In real life, Presley and Parker’s relationship was just as complicated as it seems in Elvis. Parker even took a massive share of Presley’s income over the years, as reported by a video from the MsMojo YouTube channel. The video notes that, over the years, Parker took millions of Presley’s money, and had an arrangement with the star that allowed him to take 50% of Presley’s overall salary — just as depicted in the film.

The video points out that, just like in the film, Presley later found himself unable to end his business relationship with Parker due to financial constraints. After Presley’s death in 1977, a Memphis-based attorney deemed that Parker had defrauded Presley, which led to a massive legal battle. Ultimately, Presley’s death meant that the singer’s estate plummeted. His estate only became profitable after his ex-wife, Priscilla Presley, took control of Graceland and transformed it into a museum.

Elvis Presley’s complicated relationship with Colonel Tom Parker

In spite of Parker’s alleged financial control of Presley, the relationship between the two was complicated. Priscilla Presley even claimed that Parker was a “wonderful man” who took great care of Presley and his family. Still, it can’t be disputed that Parker took advantage of Presley with his contractual demands — and he’s not the only one.

Priscilla Presley would later recount that her husband would get frustrated at the many family members who pursued him for cash after he became a superstar. Presley, who always felt obliged to take care of his family financially, would complain to her behind closed doors that his family only cared to visit him when they wanted money.

Of course, Presley’s generosity was legendary, and he became well known for his habit of giving away cars and expensive jewelry to his friends, his family, and even his employees. These days, Presley’s estate is worth millions — but when he was alive, the singer’s financial situation was less than ideal.